Subject of insurance

  • Hull, machinery, devices, inventory and equipment,
  • freight,
  • ship operating expenses,
  • excess of liability,
  • insurance premium.

From the aspect of vessel type, the following can be covered:

  • • ships:
    • passenger,
    • hydrofoil,
    • ferry boats,
    • cargo,
    • tanker,
    • tow-boats,
    • technical,
    • fishing,
    • government.
  • boats,
  • sailing boats,
  • yachts,
  • hidrogliseri,
  • scooters,
  • surf boards,
  • beach canoes,
  • pedal boats.

Maritime risks can be divided into two groups:

The first group includes loss of and damage to an insured vessel arising from:

  • perils of the seas, rivers, lakes or other navigable waters,
  • fire, explosion,
  • violent theft by persons from outside the ship,
  • jettison,
  • piracy,
  • breakdown of, or accident to nuclear installations or reactors,
  • contact with aircraft or similar objects, or objects falling therefrom, land conveyance, dock or harbour equipment or installation,
  • earthquake, volcanic eruption or lightning.

The second group includes loss of, and damage to an insured vessel caused by:

  • accidents in loading, discharging or shifting cargo or fuel,
  • bursting of boilers, breakage of shafts or any latent defect in the machinery or hull,
  • negligence of Master, Crew or Pilots,
  • negligence of repairers or charterers provided such repairers or charterers are not insured persons,
  • barratry of Master or Crew Members.

The insurance does not cover:

  • losses arising directly or indirectly from wilful act or gross negligence of the insured,
  • losses directly or indirectly caused by any defects or unseaworthiness of the vessel,
  • losses arising directly or indirectly from smuggling, illicit trade, illicit hunt, illicit navigation,
  • losses that can be solely ascribed to failure to perform definite repair of previous damages,
  • losses arising directly or indirectly from nuclear explosion, radiation, radioactive products or waste,
  • losses caused by loading of hazardous cargo if such loading is not in line with relevant regulations,
  • losses caused by the lack of ship maintenance, neglect, worn-out and battered condition.

The insured is obliged to:

  • take all reasonable measures to avoid i.e. mitigate the loss,
  • report the marine accident to the maritime authorities,
  • take all legal and other measures in order to retain all rights towards the persons liable for damage, and at the request of the insurer collect and submit all required documents, especially the document on assignment of rights – cession towards any person liable for damage,
  • acquire several shipyards’ offers at the insurer’s request.

The insured is obliged to inform the insurer about the loss immediately after it comes to his knowledge.

When reporting a claim, the insured has to provide details and available documents based on which the cause, scope and amount of loss, as well as the right to indemnity can be determined.

Premium is paid in instalments.

Bonus – malus is agreed on the basis of the loss ratio during a period of minimum 4 years.

War and political risks

War risks specifically mean effects of mines, torpedoes, weapons of war, except for nuclear weapons. War risks are covered not only during the war between two or more countries but also during the civil war, rebellion, revolution, and in times of peace.

Strike risk shall mean any damages to the insured object caused by strikers or locked-out workers and other similar risks (labour disturbances, riots, malicious damage, etc.)

Other war and political risks shall include losses caused by any acts of military and political powers such as cargo and vessel seizure, various orders, arrest, detainment of cargo and vessel, as well as political chicanery that can cause damage to or loss of the insured object.

Liability insurance

Third party liability insurance:

  • liability in case of collision,
  • liability in case of impact,
  • liability for passengers,
  • liability for swimmers,
  • liability for oil leak or spill.